[Immutable X]IMX Staking is comming!
Excited to announce staking! The first cycle will start at *1 July 2022 0:00 UTC*. Move your IMX tokens to your Immutable X layer 2 wallet before then.
Recent events like Celsius highlight the priority for self-custodial staking. Your assets should always be yours.
The first phase of staking will begin with automatic rewards for active $IMX users at the end of each cycle, before soon switching to a self-custodial staking process with an interactive dashboard in the second phase.
To be eligible for this first phase of staking, your Immutable X L2 wallet needs:
- To hold 10 minimum IMX tokens throughout the cycle
- Trade at least one NFT during the staking cycle
The first staking cycle will be from 1 July to 30 July.
Rewards will be distributed to eligible Immutable X L2 wallets at the end of the cycle.
Your reward will be based on your *minimum* IMX token holding across the cycle relative to all other eligible wallets for the cycle.
For example if your minimum IMX token holding for the cycle is 40 tokens and another has 60 tokens, 40% of the staking reward pool will be distributed to you.
Staking rewards for each cycle will be based on a portion of protocol fees collected, consistent with the IMX whitepaper. The first cycle will include the rewards that have been collected since the launch of protocol fees.
The second phase of staking will require active interaction with a dedicated dashboard. This will be available by September (see a screenshot of the work-in-progress below)
Recent industry events spurred this approach. We believe users should always have full custody and control over their assets and should be able to move them in or out of the protocol at will.
Withdrawals shouldn’t ever be ‘paused’.
However, this self-custodial implementation will take more time. To ensure our community can participate in staking as soon as possible, we chose this phased approach.
With the launch of staking, part of the fees generated by the protocol can now be shared with our community, further aligning the success of the protocol with $IMX holders.
We’re proud to be able to bring our supporters along as we onboard the next billion users to crypto!
